Sterling fell to 1.4531 euros from as high as 1.4636 euros on Thursday, and to .0165 from .0345 on Thursday. Northern Rock on Friday said it would need to get emergency funding from the Bank of England, as its wholesale funding model broke down with global credit markets in turmoil. See story. The pound had started to drop when news reports from the BBC and the Financial Times indicated that the lender needed central bank help. Though the U.K. lender has limited direct exposure to U.S. subprime mortgages, investor appetite for bonds backed by mortgage loans, regardless of origin, has vanished worldwide.